The Virginia Society of CPAs (VSCPA) Accounting and Auditing Advisory Committee has reviewed the proposed Exposure Draft, Leases issued by the Governmental Accounting Standards Board (the Board). The VSCPA is a leading professional association dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. VSCPA membership consists of more than 12,000 individual members who actively work in public accounting, private industry, government and education. We appreciate the work the Board has undertaken on this effort and the opportunity to respond to this Exposure Draft.

Overall, we agree with the requirements of the Exposure Draft. We support the Board’s efforts to establish a single model for lease accounting that aligns with the pronouncements of the Financial Accountings Standard Board. We believe the proposed statement will enhance the comparability of governmental financial statements, provide more relevant information for financial statement users and bring governmental accounting more in line with other standard setting bodies.

Again, the VSCPA appreciates the opportunity to respond to this Exposure Draft. Please direct any questions or concerns to VSCPA Vice President, Advocacy Emily Walker, CAE, at [email protected] or (804) 612-9428.